Hello, in this post we will discuss important things to keep in mind while filing ITR. A taxpayer has to be very cautious while filing the ITR. So here are some important things have a look at it.
Let us start
Keep all your documents ready
In order to avoid last minute rush for filing of returns, keep all your documents ready in proper order.
Documents needed to file the ITR are
- Old receipts
- Form 26 AS
- Form 16
- Rental agreement
- Bank documents
- Proof of investment
- Documents of any assets
Also, retain and keep all the documents safe after filing in case if any queries raised by the tax authorities for the relevant financial year.
Select relevant ITR form
The taxpayer should use the correct ITR form while filing the tax return. There are 7 types of ITR forms – ITR-1 to ITR-7. The selection of form depends upon the source of income, ownership or nature of assets.
Furnish correct personal basic details
You need to ensure that all your basic details such as PAN no, contact number, email id, bank details like account number, IFSC code, name as per bank records are correct to avoid rejection. In many cases, the ITR filed are rejected by the Income tax department due to the mismatch in the personal details.
File your return before the due date
You cannot afford to miss this rule. File your return before the deadline by July 31st in order to avoid penalty.
According to Section 234F, there is a Rs 5,000 penalty for not filing the tax return before the end of the relevant assessment year
Verify your Income tax return
Once the taxpayer files the ITR online, it is compulsory to verify the Income-tax return online through the income tax department website or by generating an OTP via aadhaar linkage / net banking within 120 days. In case the same is not possible, then you need to courier the signed ITR-V acknowledgment within 120 days from the date of filing. In case the return is not verified it is considered as not filed or invalid.